The Euro launched upward against the British Pound as expected after prices produced in a bullish Morning Star candlestick pattern. Near-term resistance is at 0.7997, the 23.6% Fibonacci retracement. A break above that on a daily closing basis exposes the 38.2% level at 0.8074. Alternatively, a reversal below the 14.6% Fib at 0.7950 opens the door for a test of trend line resistance-turned-resistance at 0.7889.

The ECB looks to be the most dovish of the leading central banks, putting the Euro at a disadvantage against its major counterparts. With that in mind, we will opt not to pursue a long position and wait for the bounce to produce a selling opportunity.